President Obama in two weeks will appoint a task force which will be charged with reforming social security. These will be the same economists who missed the housing bubble. They will be coming after your social security. Good Luck Baby Boomers! Steve
TOR here: I am interested in seeing some info on this. In any case this is what Steve sees happening.
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11 comments:
I predict that they will remove the cap so ALL income will be taxed for Social Security. This I can just about bet is a given...
Something I rank further down is extending the retirement age and even further would be removing all benefits if you have so much in retirement...
At the bottom of my list, but also plausible is basically taking all 401K and IRAS and making them Government managed...
There - I have officially predicted the future ;) Of course, it will be called something like Living Retirement Guarantee or something equally stupid...
Pearls, I think the income thing is very likely. If the "retirement" age moves back much further most people will be dead before they can begin to collect.
The nationalization if 401k and IRA assets is scary but not implausible.
Not sure what exactly is going to happen but odds are it is going to be stupid and not work well.
There will be no upper limit on income taxed for SSI, but there will be a "means test" where if you make too much, you won't get your SS payments. No matter that you paid into the system.
One of my biggest fears is what Pearl mentioned about Nanny grabbing up our 401k savings. Back in November, they just did something very similar in Argentina, and it was actually discussed by some Democrat committee shortly after that here in the good old USA.
Ryan, I am one of those.... Been pushed back to 69 for me (how appropriate?!).. If I make it to 69, I'll be the first male in my family to do so......
This is EXACTLY why, when given the choice, I chose early retirement...I could have worked for a lot longer, but would have only taken home about $40 a month more!
Rather be retired now, than abused later!
I can see them removing the SS cap on earnings. It sucks because I kind of look forward to the last paycheck or two being untaxed (in some years) and it's a nice surprise. The issue is you'll never get it back. I have heard rumors about the age being kicked to 75 across the board. That's not implausible, for politicians are the scumbags of the earth. Thing is, what do you do with all these old folks? Who wants to hire a 73 year old man or woman? Sure, there are some who are in better shape than some 40 year olds, but by and large, they just have too many issues to be productive employees.
As for a means test, that's bulls***t! If I am productive, successful and contribute the max or near max every year, why should anyone say "he makes enough money, he doesn't need it". Let's not forget who put the money there to begin with.
401(k) nationalization is confiscation is theft, plain and simple. When I made the commitment to contribute $15K annually of my own salary, it was with the understanding that I would have to sacrifice other things to save for a nice, self-sufficient retirement. Then because someone else is undisciplined or unwilling to sacrifice and has no money, I have to give them mine? Don't think so.
In the past couple years, I have really gotten in touch with the Libertarian within. Let me ask you all something: Why does anyone have the right to reach into your pocket and take the fruits of your labor and sweat? It comes out of your check so you never see it. If Americans actually received what they actually earned and then had to sit down and write a check to the government, there would be a revolution because people would see taxation for what it is: theft.
Taxation is theft. Period.
G3Ken - AMEN....
I wonder what would happen to the government if everyone went to their human resource department and upped their deductions by 30 :) They would take more home and write a check to the Government in April - but it would be as close as we could get to a tax revolt (unless that guy in Texas gets his tax holiday passed like he would like).
It would also be interesting to see what the Govt does when it doesnt have the money rolling in...
haha taxation is theft LOL do you drive a car ANYWHERE on a non-private road? Have you ever attended public schools? Ever benefitted from police protection? THEFT LOL!!!
i do agree social security is a joke. here, old people, take my money, and we'll just figure something out for us younger folks later....
Taxation is theft. Just because there was a system in place when we were born that forces us to pay "tribute" doesn't make it untrue.
The public schools, drive on a road story is a tired old dog. Proponents of taxation say "you wouldn't have this or that without it". Who is to say that "The People" (see Constitution's definition) would be unable to provide the very things that the government provides without the interference of that very government? You underestimate the will and resources of the American people.
You cite public education. GREAT. Where is it written in our Constitution that it is the GOVERNMENT'S responsibility or place to administer education? Education was NOT a government institution until the 20th century.
Why did the government get involved in education to begin with? I contend that education was far better handled in private hands, just as private schools & home schooling are, by and large, far superior to your "public education".
Income taxes were NOT a reality until the government passed the 16th Amendment in 1913. How convenient that the very people who will take your money will vote on whether they can take it?
Taxation is theft. Theft of the fruits of your labor, theft of property, theft of services, theft of your time. Let's see how:
Taxation is a method of control. Think you own a home? There's not one person reading this that owns their own home. With taxation, you RENT it from the government. Think I'm wrong? Try not paying your property taxes and see who ends up owning your place of residence. Taxation is a theft of property.
Think you're truly free? With income taxation, you are denied the means of earning a living without paying "tribute" to the government. Stop paying income taxes and you will see how long you keep your freedom. You will end up in a federal prison as surely as the sun rises each morning. Taxation is theft of freedom.
There is nothing that the government can provide that "The People" cannot provide by themselves. That is true freedom. When you realize that, you'll truly b free. Until then, you're a slave. Maybe we all are.....
My grandfather is 65 years old. He has contributed in excess of $625,000 to SS. When he begins to draw benefits, he will get under $2000 per month. All he has to do is live another 28 years (past 69), and he'll break even.
Gee, $625K of principle, plus compounding interest of 5% average in a high yield CD. How much would that be after 40 years? Thanks for the involuntary "investment" plan Uncle Sam!
I do feel bad for the baby boomers. You planned your future banking on SS. I have no illusions that there will be anything left when I retire, so I have the luxury of planning to base my retirement on other investments.
Just a couple of comments. Im 64; last of the war (that's WW II, for you latter day folks with liberal arts degrees)babies. Been paying into Social Insecurity ever since I started working at 15. I saw where this was going years ago & took early withdrawal @ 62. I'd like to get a taste of what I paid for before I assume room temperature if you catch my drift. No 401K any more, either. Co. I work for now doesn't offer one. But, looks like it wouldn' matter now if it did.
Got out of "the market", back in 02. Sold everything and bought a townhouse; In Hawaii, at that time, that's about all we could afford on our income. Took me & the Mrs. twelve years of livin' in a rented dump to save up the down payment. Sold the first TH & bought a 3 br. one (junior wasn't getting any smaller).
Became a serious prepper in 1999. Started slow and now beginning to pick up the pace.
I feel sorry for you younger folks. Looks like you're gon'na get stuck with the bill for the foolish crap my generation and the early 'boomers' got into. All I'm worrying about, now, is how to get out of the Peoples' Republic of Hawaii with my financial cohones still intact. This state could teach taxation tricks to the Sheriff of Nottingham. :-)
Gandalf
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